Date: 26 April, 2016, Place: Mumbai. In an interesting move, Mumbai-based entrepreneur Sandiip Modi has been confirmed to acquire “Street Jumper”, a Jaipur-based on-demand hyperlocal delivery service startup. The acquisition amount is undisclosed, but sources revealed that the acquisition was cracked in all cash deal.
The company “Street Jumper” was founded by Tarin Podar and Abhishek Chandra in 2014 . It was bootstrapped and was in talks to raise Series A round of funding. It primarily focuses on offering personalised delivery service with the help of a delivery boy or jumper to its customers. It delivers everything – food, grocery, medicines, clothes, stationary, electronics etc. and its prices starts at Rs. 20 which, going up depending on the distance and time. Post acquisition, both founders have left the company and are no longer associated with it. Now, the startup is planning to spread its wings to other cities apart from Jaipur.
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Tarin Podar, co-founder and CEO of Street Jumper shared that the company was processing close to 250 orders per day in Jaipur at the time of acquisition.
There is no doubt that the hyperlocal delivery market is a highly competitive segment. While asking about the company’s differentiating factor, it says that it is not focusing on any one particular vertical but provides an array of delivery services, based on the user’s need. The app is enabled with real-time tracking on the map so that user can see the exact location and the live expected time of arrivals. According to the Startup, this features helps to maintain transparency and to ensure the users that they are not making any unnecessary delays.
While there are many heavily backed companies in the market like Grofers, Peppertap and others in this segment, but, Street Jumper’s ability to run bootstrapped and having the ability to process more than 250 orders a day and get successfully acquired, clearly shows how solid business model is highly necessary to be successful in the long run, even in the highly competitive and over crowded segment like this.